TMK closes higher for the 3rd day in a row
Moving higher for the 3rd day in a row, TMK ended Monday at 85.09 gaining $0.75 (0.89%). Today's closing price of 85.09 marks the highest close since March 21st. Closing above Friday's high at 84.97, the market confirms its breakout through the previous session's high having traded $0.65 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.86 (1.01%), that's below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 84.50.
Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The stock managed to break above the 50-day moving average at 84.59 today for the first time since September 19, 2017.
Further buying could move prices higher should the market test March's close-by high at 87.57.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Bullish Break through SMA 50||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|3 Consecutive Higher Closes||TQ Pro Members Only|
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